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it's dv u.s. divas. oh, boy, the initial numbers, the initial scripts in the game are not that good. i reiterate. go ahead. >> do whatever you want. >> let's go to warren in arizona. >> caller: booyah, jim. warren in arizona. like i say, my wife, nancy and i watch you every day. our stalk is boardwalk empire's enterprise. >> i'd say you've got horse sense. i like this stock. a lot of people worry about these mlps, i am not. >> hi, jim, how are you doing today? >> okay, well, question on two retail stocks that i don't know. jcpenney and sears, they have a lot in common. they both lose money. they both have negative same-store sales. and, my opinion, i think their business mounds are a little flat, but they do own part of the real estate. are they overvalued? and the big question is what would the share price be of each company if you just base it on the value of the real estate? >> you have to believe that retail is going to really come roaring back more than it has. i want to avoid both of them. let's st
it's dv u.s. divas. oh, boy, the initial numbers, the initial scripts in the game are not that good. i reiterate. go ahead. >> do whatever you want. >> let's go to warren in arizona. >> caller: booyah, jim. warren in arizona. like i say, my wife, nancy and i watch you every day. our stalk is boardwalk empire's enterprise. >> i'd say you've got horse sense. i like this stock. a lot of people worry about these mlps, i am not. >> hi, jim, how are you doing today?...
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fitch saying the u.s. needs to fix that debt threat and moody's says it's going to wait before taking any action and maintain its negative outlook on the u.s. economy. one thing is for sure. the stock market is taking the fiscal cliff very seriously. the blue chip average is off the lows but still down sharply at one time today, the dow was down about 369 points. first time we've seen that big of a decline since november 21st of last year. off the lows rights now, the dow down 260 points at 12,985. the nasdaq is down 63 points, a more than 2% decline at 2947. the s&p at this hour is down 28 points right at 1400. let's break down what's behind today's dramatic decline in stocks in today's "closing bell" exchange. we welcome back michael pento, kwint tatro, jeff sika, and our own rick santelli. quint, you believe the market was going to go down either way. why? >> i do. i think this was long overdue. we have been propped up with some incertauncertainty. it's kept the market saying, are we going to get a chan
fitch saying the u.s. needs to fix that debt threat and moody's says it's going to wait before taking any action and maintain its negative outlook on the u.s. economy. one thing is for sure. the stock market is taking the fiscal cliff very seriously. the blue chip average is off the lows but still down sharply at one time today, the dow was down about 369 points. first time we've seen that big of a decline since november 21st of last year. off the lows rights now, the dow down 260 points at...
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if these at care the u.s. economy will continue to grow next year, but modestly, maybe 1.5, 2% gdp growth, hard for us to see huge upside the next few months in terms of a market rally if the best case scene nair gee moderate economic growth scenario. it is possible, if he is there a miracle and republican and democrats could come together with a true grand bar gape, we see a big rally, that seems like a true right tail event, very unlikely in the foreseeable future. >> neel it is brian kelly. i know you like stocks over bonds in the long term, but the scenario you just described sounds to me like i want protection, i want to be in the bond market. bonds were up huge today. have you changed your view on stocks over bounds in the long run? >> new york the long run, we think the equity returns are going to be higher than bond returns over the long term, though we do think that they are all going to be lower than what we have been used to over the last several decades n this environment, with this volatility comi
if these at care the u.s. economy will continue to grow next year, but modestly, maybe 1.5, 2% gdp growth, hard for us to see huge upside the next few months in terms of a market rally if the best case scene nair gee moderate economic growth scenario. it is possible, if he is there a miracle and republican and democrats could come together with a true grand bar gape, we see a big rally, that seems like a true right tail event, very unlikely in the foreseeable future. >> neel it is brian...
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the u.s. credit rating after the outcome of budget negotiations. that's presumed that we'll actually have some. tom, what do you think when you hear that headline? >> well, i think to last year and this whole debacle that happened last year and one thing that is happening last year that is not happening this year is corporate bonds were selling off. we really knew stocks were going to take a wallop because of high yield spreads, high spreads were widening. today if you looked at the corporate bond market, they are not expressing concerns about the fiscal cliff. to me, i'm wondering if those markets are about to take a hit soon or if the fiscal cliff is not really the reason that stocks are selling off today. >> for the folks listening on the radio, another headline is, even if we go over the fiscal cliff, moodys is saying that doesn't necessarily immediately lead to a downgrade. that means that they are waiting to hear what is the long term whom did i interrupt? >> i have a question for tom. y
the u.s. credit rating after the outcome of budget negotiations. that's presumed that we'll actually have some. tom, what do you think when you hear that headline? >> well, i think to last year and this whole debacle that happened last year and one thing that is happening last year that is not happening this year is corporate bonds were selling off. we really knew stocks were going to take a wallop because of high yield spreads, high spreads were widening. today if you looked at the...
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u.s. on the spdrs right at the european close. this suggests a large part of this decline we are seeing right here all the way down was europeans that were actually selling. the minute we hit europe, we stabilized and we actually moved up. we're almost 100 points off of the low on the dow. here's your stocks that are affected notably by i think clearly president obama's election. coal stocks, financial stocks, defense stocks, energy stocks, and some of the dividend payers. this is etf, dvy. apple at $564 i believe? there's $564. when apple hit that you saw the move to the downside. i think it is pretty simple explanation. one-thi one-third, one-third, and maybe one-third. >> as soon as the election's over, we'll go back to talking about europe. >>> sew ma mowdy is at the nasdaq. tech stocks are getting real crushed. >> absolutely, mandy. down about 65 points on the nasdaq. the s&p tech index at or near correction territory. as bob was pointing out, apple is the big story. breaking some key
u.s. on the spdrs right at the european close. this suggests a large part of this decline we are seeing right here all the way down was europeans that were actually selling. the minute we hit europe, we stabilized and we actually moved up. we're almost 100 points off of the low on the dow. here's your stocks that are affected notably by i think clearly president obama's election. coal stocks, financial stocks, defense stocks, energy stocks, and some of the dividend payers. this is etf, dvy....
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the u.s. could be in for another downgrade. john harwood on the president's biggest challenge in this new term. >> hi, sue. you just heard from the politicians about their approach to the fiscal cliff and the challenge facing the country. let's look at what the voters had to say about it last night. because this is what president obama and congress are going to turn to immediately. first of all, if you segment the electorate by income, in 2008 the president carried people who earned over $200,000 a year narrowly over john mccain. he lost that group this time, also lost between between $200,000 and $250,000 and people over $250,000. but the affluent voters lost the argument on taxes with the american electorate overall. you ask people should taxes go up? 60% of the american people say yes, taxes should go up. only 35% say no, they shouldn't. then when you segment that, you've got 13% of the american people saying they should go up on everyone. that's what would happen if we went over the fiscal cliff. but 47% say they should onl
the u.s. could be in for another downgrade. john harwood on the president's biggest challenge in this new term. >> hi, sue. you just heard from the politicians about their approach to the fiscal cliff and the challenge facing the country. let's look at what the voters had to say about it last night. because this is what president obama and congress are going to turn to immediately. first of all, if you segment the electorate by income, in 2008 the president carried people who earned over...
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there's no sign that the u.s. industry is going back to its bad practices of too many incentives, too much inventory. the only real thing ailing our detroit companies is what's happening outside the u.s. and obviously that is europe. that's helping fiat. it's hurting ford and general motors. >> good stuff. thanks so much for your time. i know you got very little sleep too. steve rattner. >> president obama's victory is a sign that health care reform is here to stay. we'll show you best ways to play the sector on a day that your money could use triage as we're down at this hour and spencer rascoff on the post-election picture and punishment the company took following the company's guidance yesterday. a post-election sell-off on wall street. dow down by 1.8%. s&p down also. >> at these levels worst day since june. >> much more "squawk on the street" coming right up. sfx- "sounds of african drum and flute" look who's back. again? it's embarrassing it's embarrassing! we can see you carl. we can totally see you. come o
there's no sign that the u.s. industry is going back to its bad practices of too many incentives, too much inventory. the only real thing ailing our detroit companies is what's happening outside the u.s. and obviously that is europe. that's helping fiat. it's hurting ford and general motors. >> good stuff. thanks so much for your time. i know you got very little sleep too. steve rattner. >> president obama's victory is a sign that health care reform is here to stay. we'll show you...
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if the u.s. continues to recover and the fed's allowed to do -- despite all the risks of the fed being wrong, when the economy recovers, the fed will start to move stuff away and dollar will strengthen. so i don't think outside politicians should have so much noise about the issues. >> jim, this is jared here. suppose as part of a deal going forward that the president and democrats were able to get some fiscal policy that was actually stimyoulative, something targeting job growth. that would help to complement the low rates from the fed and it would also be a statement kind of looking at europe that austerity really hasn't worked so well, vis-a-vis growth. do you think that would be useful? >> i'm in that camp. i think the europeans have been trying to push too much -- everybody counts fiscal policy around the world at the same time. it's kind of crazy by definition. so if for some miraculous reason congress could pull it off, that would be good for many reasons. it feels to me, the u.s. economy
if the u.s. continues to recover and the fed's allowed to do -- despite all the risks of the fed being wrong, when the economy recovers, the fed will start to move stuff away and dollar will strengthen. so i don't think outside politicians should have so much noise about the issues. >> jim, this is jared here. suppose as part of a deal going forward that the president and democrats were able to get some fiscal policy that was actually stimyoulative, something targeting job growth. that...
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prints money right but the u.s. even when you control your currency printing money can create money but it doesn't create wealth you know it doesn't when you know what happens when the printing of money reaches the end of its rope will doesn't reach the end of its rope what happens is you get a situation like in the u.k. i look at the u.k. post world war two as a perfect example of you know the money printing inflationary route to getting out of problems they had over two hundred percent debt to g.d.p. after government debt to g.d.p. after world war two almost two hundred fifty percent so what happened massive depreciation the currency massive amounts of inflation bouts of inflation lower standards of living in you know the sick man of europe lou. oh low real g.d.p. growth and by the one nine hundred eighty s. the debt to g.d.p. was sixty seventy percent so that's what it's no default but you know pain for sure for the i would throw a mild version of greece not the dramatic contraction they have but many of the same
prints money right but the u.s. even when you control your currency printing money can create money but it doesn't create wealth you know it doesn't when you know what happens when the printing of money reaches the end of its rope will doesn't reach the end of its rope what happens is you get a situation like in the u.k. i look at the u.k. post world war two as a perfect example of you know the money printing inflationary route to getting out of problems they had over two hundred percent debt...
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how long can the u.s. forestall this kind of result i mean you cannot print your way into prosperity or borrow your way to prosperity would you know the u.s. is in greece. look at japan they have you know go to an english wanted to g.d.p. i mean just run through an experiment mentally if the federal reserve went out and they said you know things are terrible in the u.s. with regard to fiscal sustainability and the debt and so forth so we're going to go we're going to buy up one half of the existing treasury stock and we're going to just take it into the federal reserve what would happen as a result of that and they said categorically this is a one time decision that we're going to make well the first thing you notice is the u.s. government prints money that is it's their own currency it's a liability they've created it's not some external liability that they have to do they can just you know buy it up secondly if it's a one off then what you see is an immediate fall in the price level you see rising inflat
how long can the u.s. forestall this kind of result i mean you cannot print your way into prosperity or borrow your way to prosperity would you know the u.s. is in greece. look at japan they have you know go to an english wanted to g.d.p. i mean just run through an experiment mentally if the federal reserve went out and they said you know things are terrible in the u.s. with regard to fiscal sustainability and the debt and so forth so we're going to go we're going to buy up one half of the...
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beyond the u.s. elections, europe also brought fresh worries for investors with concerns in greece, and germany. here's how the numbers stacked up on wall street. the dow lost 312 points, at it's worst point of the day, the blue chip index was down 369 points. the nasdaq tumbled nearly 75 points and the s&p 500 off 33. suzanne pratt takes a look at where the market goes from here. >> reporter: let's be candid. this is not the election outcome that wall street wanted to see. after all many investors believe president obama's tax policies will hurt corporate profits. on top of that there's the likelihood of more regulation in the president's second term. coe os those concerns were evident in selling today of energy, banking and healthcare stocks. a quick look at the price board at the new york stock exchange is a good barometer for the worrywarts out there. wall street veteran teddy weissberg says many investors are just plain upset. >> there was an expectation that we would have some change and a chan
beyond the u.s. elections, europe also brought fresh worries for investors with concerns in greece, and germany. here's how the numbers stacked up on wall street. the dow lost 312 points, at it's worst point of the day, the blue chip index was down 369 points. the nasdaq tumbled nearly 75 points and the s&p 500 off 33. suzanne pratt takes a look at where the market goes from here. >> reporter: let's be candid. this is not the election outcome that wall street wanted to see. after all...
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now, on the upside, we've got a stronger u.s. currency. the u.s. dollar muscling higher, finding firmer footing and hitting a two-month high against the euro today. but the price of oil in part because of the stronger dollar -- stronger dollar is lower. crude oil dropping today after the energy information administration reported a bigger than expected build in crude supplies. we get it every wednesday. that was of course for the last week, plus european central bank president's draghi negative comments about the euro zone economy, all of this weighing on oil. we see oil moving to the down side. speaking of europe, take a look at this video right now. came in a few minutes ago. more than 80,000 greek protesters outside of parliament turning violent ahead of the austerity vote to avoid financial disaster. we have had reports of fires burning, smoke as we're seeing the sun go down at this point, not going to be a good night there in greece. we are keeping our eye on that very fluid situation. protests, elections, hurricanes, nor'easters. okay, is lig
now, on the upside, we've got a stronger u.s. currency. the u.s. dollar muscling higher, finding firmer footing and hitting a two-month high against the euro today. but the price of oil in part because of the stronger dollar -- stronger dollar is lower. crude oil dropping today after the energy information administration reported a bigger than expected build in crude supplies. we get it every wednesday. that was of course for the last week, plus european central bank president's draghi negative...
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we focus on ohio voters who have a negative view of u.s. economy, this is how they casted 35% going to to president obama. 63% -- look at this 63% of those saying they voted for mitt romney. when they were in the booths, another big fiery top imin state of ohio, bailout of the auto industry, that industry, responsible for one in eight jobs in ohio, this is what voters who supported bailout, supported bailout 75% of those who supported it, they voted for president obama, maybe not a big surprise, 24 personally 24%, voted for governor romney. now that is all we have for now, all these numbers are coming in fast, they are changing by the moment, we're looking at them, we're going to bring you many more exit polls. neil: you know sheryl that is fascinating, auto bailout thing. that was the achille's hill for mitt romney, his opposition to it, said it should be a structured bankruptcy, which in the end it became. but the added asterisk is that tax players fooded the bill for -- footed the bill for that bankruptcy. that was never sold, so, that c
we focus on ohio voters who have a negative view of u.s. economy, this is how they casted 35% going to to president obama. 63% -- look at this 63% of those saying they voted for mitt romney. when they were in the booths, another big fiery top imin state of ohio, bailout of the auto industry, that industry, responsible for one in eight jobs in ohio, this is what voters who supported bailout, supported bailout 75% of those who supported it, they voted for president obama, maybe not a big...
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despite a lack of conviction in u.s. markets. secular trade on the u.s. dollar. back with more after this [ male announcer ] do you have the legal protection you ed? at legalzoom, we've created a better place to turn for your legal matters. maybe you want tincorporate a business you'd like to start. or protect your family with a will or living trust. legalzoom makes it easy withtep-by-step help when completing your personalized document -- or you can even access an attorney to guide you along. with an "a" rating from the better business bureau legalzoom lps you get personalized and affordable legal protection. in most states, a legal plan attorney is available with every personalized document to answer any questions. get started at legalzoom.com today. and now you're protected. >> 19 minutes past the hour i'm uma pemmaraju with your fox news minute. the head of iran's judiciary reacting to president obama's re-election condemning sanctions imposed. western nations imposed stiff sanctions against iran in an effort to curb its nuclear program. >>> senate majority l
despite a lack of conviction in u.s. markets. secular trade on the u.s. dollar. back with more after this [ male announcer ] do you have the legal protection you ed? at legalzoom, we've created a better place to turn for your legal matters. maybe you want tincorporate a business you'd like to start. or protect your family with a will or living trust. legalzoom makes it easy withtep-by-step help when completing your personalized document -- or you can even access an attorney to guide you along....
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idea, the economy slowing down dramatically and what you think of the market reaction to the day after u.s. presidential election? >> not surprise the market is selling off because the market was weak already for a couple of months and we are in a downtrend, mr. obama's economic policies are not very good for economic expansion. businesses, small business men en even medium-sized businesses will be reluctant to hire people. connell: the market is down a little. i didn't know what was going to happen but the reason i would say we see -- surprise we're down the and the points and the market selling off like crazy is the obama victory shouldn't be a surprise to investors. wouldn't you think some of this would have been priced in. the polls pointed to him winning and he did but we are still seeing a big reaction in financial markets. does that tell you anything about the future? >> i think among people, the election victory or reelection victory of mr. obama, so many friends who are republican, but betting on mr. romney. for some people it is a surprise and people are concerned about increased
idea, the economy slowing down dramatically and what you think of the market reaction to the day after u.s. presidential election? >> not surprise the market is selling off because the market was weak already for a couple of months and we are in a downtrend, mr. obama's economic policies are not very good for economic expansion. businesses, small business men en even medium-sized businesses will be reluctant to hire people. connell: the market is down a little. i didn't know what was...